020 7898 0500The pound managed to push through the $1.29 barrier for the first time for more than two weeks on Tuesday and continued to climb yesterday. It is important to note that the movements have not come about through any breakthroughs in Brexit negotiations, or positive economic data from the UK, but rather dollar weakness.
Trump’s recent comments to Reuters unnerved the markets, as the president appears to be putting pressure on the Federal Reserve to resist increasing interest rates. Keeping central banks impartial is seen by many as being absolutely key, but Trump has a record of doing the unexpected. It would hardly be surprising to find he was not adverse to influencing fiscal policy.
Today is fairly quiet, but we will see the CBI distributive trades for August. The figure is expected to dip to 13 from 20 in the previous month. Tomorrow we will see UK finance mortgage approvals for July.
